Parent has weeks to live

Robot27

Hello,

Sadly we have the devastating news that my parent has a terminal illness and therefore my parent is double checking everything is in order.

1) They retired from work in 2017 and have been receiving monthly payments from their Std Life pension;

2) They stopped paying into the pension when they retired from work;

3) I am down as a beneficiary and we know how much is in the pot at this time;

4) We have been told from Std Lfe, once my parent has sadly passed away, that I will receive the entitlement, tax free - because my parent in younger than 75;

So far.....all ok and everything seems in order...... however....

I've noticed on my parents statements, that the retirement date is incorrect... in fact it is down as 10 years from now - which is clearly incorrect, as they retired a year ago.

I've asked my parent and they have no idea why this is the case - I fear the error may have been made by parent, rather than Std Life or perhaps my parent thought they could work till 75, I just don't know. They are so unwell right now and I don't wish to stress them any further.

My question is this:-

1) Will this incorrect retirement date (probably put down by my parent) affect my entitlement when my parent sadly passes away?

Kind Regards and thanks in advance.

zagfles

Won't matter. Retriement ages are used mainly so that the statements can provide at estimate at that age, and sometimes to determine the makeup of the investments. Actual retirement age can be different, as here.

TcpnT

I agree with the previous reply. All that matters is the age at death of the scheme holder. Any dates on statements or indeed at what age the pension was first draw are irrelevant. You will sadly be the beneficiary of an extremely generous and recently introduced tax break in the treatment of inherited pensions.

OldMusicGuy

Sorry for your news. I can confirm what the other posters said. I retired before the retirement date I had given for my DC scheme and the pension provider said they only use the nominated retirement date to calculate potential benefits and also as a trigger to send out the documents telling you what your options are for taking the pension. So it is irrelevant, no need to worry.

mark55man

Sorry for your news. You should make sure you understand all the options. They may be different between you and your siblings (if any) or other nominees (if any).

In a separate thread about LTA and pension the following link was posted and explains things simply - I hope it helps you - if the sum is significant you should seek advice as it is easy to do things tat cant be undone. Unless your need is pressing I would give it some time to make sure
https://www.investcentre.co.uk/sites/default/files/AJBIC_Death_Benefit_Rules.pdf